To: PartyTime who wrote (17315 ) 12/28/1998 5:40:00 AM From: Jon Tara Respond to of 18444
Dow Jones - Mysterious Online Figure Offering $5,000 Cash Dow Jones Newswires -- December 23, 1998 Fund Mgr Holds Online Contest To Predict Web Stock Drop By Johanna Bennett NEW YORK (Dow Jones)--A New York fund manager wants to know when he should short Internet stocks and he is willing to pay $5,000 for the right answer. Known to members of the popular financial Web site Silicon Investor ( techstocks.com ) only by his alias, "Auric Goldfinger," the mysterious online figure is sponsoring a contest, offering a $5,000 cash prize to anyone who predicts not only when the Internet bubble will burst but also the reason for the plunge. For Goldfinger, the right information is valuable. Although he claims not to have any short positions in Internet shares, Goldfinger, who refused to reveal his identity when interviewed by phone, has shorted Web stocks in the past. Investors who sell securities "short" borrow stock and sell it, betting the price will decline and they will be able to buy the shares back later at a lower price for repayment to the lender. "Some of the people are smart out there," Goldfinger said. "If they come up with an idea that makes sense, it will help my trading. I am just trying to ferret it out. And that's worth $5,000." The contest rules are fairly simple. Entries must be posted on the message board, explaining in 50 words or less when and why an index of five Internet stocks - America Online Inc. (AOL), Yahoo! Inc. (YHOO), Amazon.com Inc. (AMZN), eBay Inc. (EBAY) and CMGI Inc. (CMGI) - will fall 40% for five consecutive trading days. A panel of three judges will pick the winning entry.